The index attacks 28,800, hoping to reach 32,000
The confirmation of a slowdown in the price run in the United States pushes up the European Stock Exchanges and Wall Street. The Old Continent thus closed up for the fifth consecutive session, with Milan’s Ftse Mib up 0.78% to 28,774 points, below the day’s highs of 28,800. Consolidating prices above this level is essential for the market. In fact, the road to 32,000 would open. The data on producer prices in the US, which rose in June on a year-on-year basis by only 0.1% (the lowest figure since September 2020) after +0.9% in the previous month, strengthened risk appetite, after already on the eve of consumer prices had recorded a significant slowdown. The market is now betting that, after the already discounted 25 basis point rate hike at the end of July, the Fed will ease monetary policy. In Europe, the ECB minutes confirm that the moves will depend on the data and that Frankfurt is ready to intervene as if to interrupt the squeeze, if necessary. On the stock market, while anticipation for the quarterly season is rising, purchases have rewarded above all tech and raw materials.
Banks in light
In Milan optimism sbanks with Mps (+3.9%) and Bper Banca (+2.2%) at the top of the list and with purchases across all sectors. At the bottom, Cnh Industrial (-1%), Prysmian (-0.5%) and Diasorin (-0.6%9
The prices of BTPs are rising
The signs of a slowdown in inflation also reward government bonds. Prices rise while yields are in general decline: that of the ten-year BTP drops by 13 basis points to 4.11%, pink jersey in Europe, while the spread with the Bund drops by 5 basis points to 164